This course will provide you with some of the key root cause analysis tools and techniques that can be utilized in the planning, fieldwork, and reporting phases of an internal audit — in order to enhance audit effectiveness, strengthen audit observations reported, and facilitate deeper discussions with management on issues identified.
These tools can be used apart from or in conjunction with existing audit methodologies, tools, and techniques. You will have the opportunity to practice and apply the skills learned during the course through a case study and exercises, which should enable you to integrate the tools and techniques into your audit engagement activities.
Learn and apply the concept risk-based approach in internal auditing.
Learn the five elements of an audit issue.
Learn and practice the use of common tools and techniques for root cause analysis of audit issues.
Learn and practice linking root causes to the components of internal control.
What You Will Learn
Root-Cause Analysis (RCA) Defined
Benefits of RCA
Applications of RCA
Internal Audit's Advantage in Conducting RCA
Considerations for Using RCA
Basic Steps in RCA
The Audit Model
Consideration of Internal Controls
The New COSO Internal Control Framework
The 5C's of Internal Audit Reporting (Elements of Audit Issues)